“Bernanke Rides to the Rescue”— More Cowboy Deception
January 25th, 2008 by WTJIf you thought the housing and credit hits were bad, wait until the oil hit arrives more fully. If you thought the brief stint at $100 a barrel for crude oil was bad, wait until it approaches $200 a barrel and gasoline rises above $5 a gallon.
Losing a war should be warning enough, though “heroes” seldom admit that they have lost until they are truly down and out. The US’s growth-oriented, exploitive financial system is broken. It is paying the price of years of over-spending and dependence upon outside resources, such as oil. The rich have been getting richer in the US and the poor have been getting poorer.
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